July 14, 2010

Dear Member,

On November 30, 2009 the Deposit Insurance Corporation of Ontario (DICO) issued an Order placing Railway Employees (Sarnia) Credit Union Limited (RECU) under Administration. Subsequently, on June 10, 2010 the Corporation exercised its powers under Section 295 of the Credit Unions and Caisses Populaires Act, 1994 requiring the credit union be wound up. DICO has been appointed liquidator.

Your deposits are 100% insured by DICO.

Railway Employees’ (Sarnia) Credit Union Ltd. has remained open at 431 Russell Street South since June 10 to assist our members in making alternate banking arrangements. During this transition period, DICO has continued to operate the Credit Union, accounts have remained active and transactions have been processed. Representatives from Southwest Regional Credit Union Ltd. have been on-site at RECU and available at all their branches to open new accounts and ensure that your banking needs are taken care of.

The office at 431 Russell Street South will close permanently
at 4:30pm on Thursday, July 29, 2010.

Accounts that remain open with RECU will transfer to:
Railway Employees’ (Sarnia) Credit Union Ltd.
c/o Deposit Insurance Corporation of Ontario
4711 Yonge Street, Suite 700
Toronto, ON M2N 6K8
Telephone 1-800-268-6653

• Funds still on deposit with RECU will be sent to you by mail by DICO.
• If you have a loan, mortgage or outstanding overdraft balance, you will be contacted by mail by DICO.
• Post-dated cheques on hand at RECU for loan payments will be forwarded to DICO and will be processed as planned.

LIQUIDATION AND TRANSITION TIMING
 

June 10	Railway Employees' (Sarnia) Credit Union Ltd. (RECU) placed into liquidation by Deposit Insurance Corporation of Ontario
June 11	American Express traveller's cheques no longer available
June 11	No new debit cards issued or cheques ordered
June 27	Debit cards de-activated and can no longer be used
June 27	Chequing account overdraft privileges cancelled and no further advances will be issued
June 27	Last automatic transfer to your RRSP by RECU
June 30	Last RRSP and RRIF transaction/payment to your account at RECU
June 30	S06 Super Savings last interest payment date
June 30	Term Deposits matured with interest and deposited to your account if still active; if not, cheque will be sent to you
July 1	Transfer of your RRSP or RRIF account from RECU to Southwest Regional Credit Union Ltd.
July 15	On-line banking no longer available
July 15	Bill payments no longer accepted
July 26	Last clearing will be posted. Any cheques or automatic debits received after this date will be returned to the payee.
July 29	Credit Union office will close permanently at 4:30pm.
July 30	All remaining records will be transferred to:
	Railway Employees' (Sarnia) Credit Union Ltd.
	c/o Deposit Insurance Corporation of Ontario
	4711 Yonge Street, Suite 700
	Toronto, ON  M2N 6K8
	Telephone: 1-800-268-6653
	Facsimile: 516-325-9722
	Members with funds remaining on deposit or loans/mortgages/overdrafts with an unpaid balance
	will be contacted by mail by DICO.